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As of 1 February 2020, the United Kingdom is no longer a member of the European Union. Initially nothing will change for citizens and businesses, because a transition period will apply until the end of 2020. Our dedicated Brexit page includes important information on Brexit in the areas of financial markets, customs, budgetary issues and taxation.

On 9 October 2019, the German federal cabinet approved the federal government’s Climate Action Programme 2030, which represents a step towards implementing the Climate Action Plan 2050. The aim is to ensure that Germany meets its climate policy targets. The extensive programme includes measures for all sectors. Progress will be reviewed on an ongoing basis. The Finance Ministry is responsible for financing the programme as well as for various fiscal measures.

Federal Minister of Finance Olaf Scholz is responsible for all aspects of German fiscal and tax policy and determines the broad outline of budgetary policy. In performing these functions, he is supported by two parliamentary state secretaries and four permanent state secretaries.

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Joint State­ment on Li­bra

At the meeting of eurozone finance ministers in Helsinki on 13 September 2019, Germany and France issued a joint statement on the digital currency Libra. Federal Minister of Finance Olaf Scholz and his French counterpart Bruno Le Maire oppose Facebook’s digital currency. They consider that the Libra project fails to convince that risks will be properly addressed. They further believe that no private entity can claim monetary power, which is inherent to the sovereignty of nations.

Source:
picture alliance/Kay Nietfeld/dpa

France and Germany reaffirm their willingness to tackle the challenges raised by cryptocurrency and so-called stable coin projects: financial security, investor protection, prevention of money laundering and terrorism financing, data protection and financial and monetary sovereignty. A working group has been tasked by the G7 to analyse these challenges. Its final report will be presented in October.

As already expressed during the meeting of G7 Finance Ministers and Central Bank’s Governors in Chantilly in July, France and Germany consider that the Libra project, as set out in Facebook’s blueprint, fails to convince that those risks will be properly addressed. We believe that no private entity can claim monetary power, which is inherent to the sovereignty of Nations.

We acknowledge that there is a need to improve the effectiveness of international payments. At European level, we call today on banks to work on improving European payment systems.

We encourage European central banks to accelerate work on issues around possible public digital currency solutions.

France and Germany are committed to enabling appropriate solutions to protect citizens and financial stability.